The Millennium Challenge Corp is expected to sign a large-scale grant worth approximately USD400 million to the Philippines. This comes after the proclamation of Benigno “Noynoy” Aquino III as the country’s new president.
In interviews before the May 10 elections, Ambassador Willy C. Gaa said the partnership grant was USD400 million while an official on June 11 said the amount was already at USD434 million, according to Malaya.
The MCC has approved a specific amount, but postponed the loan signing until election results were final.
The original amount was USD750 million for five projects, but was eventually reduced USD400 million for three initiatives, namely the Secondary National Roads Development, Kapit-Bisig Laban sa Kahirapan-Comprehensive and Integrated Delivery of Social Services, and Integrated Revenue Information System.
